Are you interested in working on a new venture or startup? Are you looking for small business ideas to start in Bangladesh? If you have various business ideas in mind but are unsure which sector to focus on, sit back and read this brief article!
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Instead of getting distracted by irrelevant talk or tempting shortcuts, spend 5 minutes focusing on practical discussions. Before hastily investing your money, time, and skills, learn about the right business sectors. Discover these 5 small business ideas that, if started in Bangladesh, can lead to great success!
In today’s discussion, we will highlight 4 business sectors with high potential for success. Here are 4 small business ideas to start in Bangladesh:
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Whether you are a new entrepreneur or an experienced business owner, you must thoroughly prepare before starting a business. As part of this, you need to carefully consider new business ideas. In this age of information technology, you have a significant advantage. You can assess and evaluate your business idea and the sector you want to enter beforehand.
Today, we will discuss 4 promising business sectors and small business ideas. From these, you can choose any one to pursue.
01. E-commerce Business Focused on Handicrafts or Handmade Products
E-commerce or online businesses focused on handicrafts or handmade products are currently very popular. Especially if you work with unique or unconventional craft items, you can achieve success relatively quickly. This is a great small business idea because you can start with minimal investment and preparation. You can learn and adapt as you go. If you identify a specific product and its source, you can start your business at any time.
Why is it promising as a small business idea?
- Urban people have become accustomed to shopping for both everyday essentials and luxury items online or through e-commerce. Therefore, presenting a somewhat unique idea can increase the likelihood of success in business.
- Bengali culture has a rich heritage, and people have a special attraction to traditional products. These products need to be made available to people in a unique way. Currently, there is a large market for traditional products both domestically and internationally.
- Bangladesh's e-commerce market is rapidly expanding. By 2026, it could grow to $10.5 billion. Source: Centre for Policy Dialogue (CPD)
- Moreover, e-commerce platforms are not the only option for online business. By using Facebook and other social media platforms, you can build a large customer list for your products.
02. Home Delivery Business for Traditional and Homemade Foods
The taste of Chittagong's Mezban is now in your city! Order for home delivery! Or, if you want to taste dried shrimp chutney or Lati Raj's kachu curry from Joypurhat, place your order now.
We often come across advertisements for homemade or home-cooked foods. These have become increasingly popular as small business ideas or new business ventures. By presenting a unique business idea and reaching customers effectively, success in this sector is certainly achievable. Many successful examples already exist. Now is the time to start an online food delivery business featuring traditional and homemade food products, both domestic and international.
Why is it promising as a small business idea?
- We Bengalis have always been food enthusiasts! You'll notice that whenever our favorite food is made easily available, it's gladly accepted. Therefore, starting an online food delivery business that brings homemade or authentic food products to customers' doorsteps is a promising venture.
- Urban life's busyness often gives rise to new professions. Among these, online food delivery is a fantastic new business idea! This is because people want to enjoy their favorite food at their preferred time.
- The market for online food delivery business is growing day by day.
- Currently, many people are running online food delivery businesses by partnering with local hotels or restaurants.
- With minimal investment, you can start this small business idea by using social media platforms like Facebook.
03. Mobile Servicing and Spare Parts Business
As time goes by, mobile phones are reaching every hand in Bangladesh, and the use of smartphones is increasing accordingly. As a result, the demand for mobile servicing centers and mobile spare parts is also rising. There is no shortage of opportunities in this sector, as people continue to become more accustomed to mobile-based services.
Therefore, a mobile servicing center and mobile spare parts business is very profitable as a small business idea. You can even take a mobile servicing course yourself to manage the business, which could further increase your profit margins!
Why is it promising as a small business idea?
- The mobile spare parts business offers high profit margins.
- You can combine a mobile servicing center with a mobile spare parts business.
- In this business, you can build your own customer base through your skills and services.
- A major advantage of this business idea is that it has very low accounts receivable.
- As a new business idea, the initial costs might seem somewhat high, but the profit margins are quite good.
04. Start a Business by Launching Online Training Courses
If you are proficient in English or mathematics, play the guitar well, sing, cook, or paint, or if you have skills in digital marketing or video editing—essentially, if you have a skill with demand—then you can start a business by launching online training courses. Utilizing such intellectual and creative skills for business has become very popular as a small business idea in the current era.
If you search on Facebook, you'll find thousands of skilled individuals offering their expertise in the form of courses. This not only creates business opportunities but also generates new employment.
Why is it promising as a small business idea?
- Starting this small business idea or new business idea typically doesn't require significant financial capital.
- In the current world, people are willing to invest in acquiring new skills or expertise. Your task will be to present yourself and your courses to them!
- You can start this business from the comfort of your home.
- The market for this business is growing rapidly in Bangladesh. Many online trainers are successfully engaged in this profession.
- If you establish yourself well, you can start your own training center and take your business to new heights.
No matter what business you start, there are certain aspects you cannot afford to neglect.
From the very beginning of your business, keep track of income and expenses.
Business is essentially a game of numbers! Therefore, you need to become accustomed to managing accounts. Once you choose a new business or small business idea, you should select an accounting tool to keep track of your finances. Choose a simple and cost-effective accounting tool for this purpose.
You can use HishabPati, the most user-friendly and cost-effective accounting software in Bangladesh. HishabPati With the app, you'll get support for tracking business income and expenses, stock management, accounts receivable, invoice creation, and more.
To get all the support you need for business management, Download HishabPati app Free. First, try the basic package for free. If it meets your needs, you can then subscribe to the paid package for a nominal fee.
Start business networking.
No matter how small your business idea is, business networking is crucial. Therefore, start interacting with people involved in your industry from the very beginning. Build connections and increase your network. To learn how to do this, you can read this article - Networking for Entrepreneurs: What, Why, and How to Do It?
First, understand the business yourself, and then hire employees.
Hiring employees without understanding the business yourself from the start would be unwise. Therefore, you should first thoroughly understand the business and then hire employees as needed.
As your business grows, use an employee management app.
When your business starts to expand, you'll need to hire employees or build a team. At that point, it's essential to use a digital tool for employee management. Choose an app that offers features like time tracking, shift planning, leave management, payroll, and a document vault to efficiently manage your workforce.
For an employee management app, you might consider using Hazira"Because, with all these features and at an affordable price, Hazira is the best." "Download the Hazira app for free.". For more details, you can read further. Employee Management Software for Small Businesses: Hazira
There's no alternative to hard work!
No matter what you want to succeed in, there's no substitute for hard work. So, to be successful in business, start working hard from the beginning. This will lead to success more quickly.
